BeInCrypto takes a look at five projects that decreased the most from the entire crypto market last week, more specifically, from Nov. 18 to Nov. 25
These digital assets have taken the crypto news and crypto market spotlight:
Chiliz (CHZ) price is down 28.28%
Algorand (ALGO) price is down 12.66%
Lido DAO (LDO) price is down 12.22%
EthereumPoW (ETHW) price is down 11.32%
Near Protocol (NEAR) price is down 11.29%
CHZ Leads Crypto Market Drop
The CHZ price has fallen since Nov. 7. On Nov. 19, it created a slightly lower high (red icon) and resumed its downward movement.
The movement Nov. 9 – 19 (highlighted) resembles an A-B-C corrective structure (black). Therefore, the decrease from Nov. 7 may also be an A-B-C correction (white). In this possibility, the CHZ price is in wave C of this correction.
Giving waves A:C a 1:1 ratio (white) would lead to a low of $0.123. Afterward, an upward movement would be likely.
ALGO Falls Below Crucial Horizontal Area
The ALGO price had been trading above the $0.29 horizontal support area since the beginning of 2021. However, it finally broke down on Nov. 9. The breakdown and ensuing downward movement led to a low of $0.22. The next closest support area is at $0.20.
While the weekly RSI has generated bullish divergence (green line), the trend is considered bearish until the ALGO price reclaims the $0.29 resistance area. If it is not successful in doing so, a drop towards $0.20 is the most likely scenario.
LDO Re-Tests Previous Resistance
On Oct. 17, the LDO price broke out from a descending resistance line that had been in place since Aug. 14. While it decreased afterward, the downward movement validated the resistance line as support (green circle).
Now, the LDO price is trading in a short-term range between $0.93 and $1.29. Whether the price breaks out above the latter or breaks down below the former will likely determine the direction of the future trend.
ETHW Generates Bullish Divergence
The ETHW price had fallen below a descending resistance line since Nov. 8. The downward movement led to a low of $3 on Nov. 20.
Afterward, the price began a bounce which was preceded by bullish divergence (green line) in the RSI. Currently, ETHW is making another attempt at breaking out from the line.
Since lines get weaker each time they are touched, a breakout from it is expected. If one occurs, the next closest resistance area would be at $4.50.
Conversely, decreasing below the $3 lows would invalidate this bullish prediction.
NEAR Could Begin Rally Soon
NEAR had decreased below a descending resistance line since Nov. 10. This downward movement led to a low of $1.43 on Nov. 21.
Afterward, the RSI generated bullish divergence (green line) and catalyzed an upward movement. On Nov. 23, the price broke out from the descending resistance line. It is currently in the process of validating it as support.
If successful, this could initiate an upward movement towards $2.20.
On the other hand, a decrease below the descending resistance line would invalidate this bullish price forecast.
For BeInCrypto’s latest crypto market analysis, click here.
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